A. Write short notes on the following i. Give an overview definition of mathematical economics. ii. Describe the various areas where mathematics can be applied to economics What are the differences between static and dynamic models in economics? iv. When do we need to apply models in economic analysis? iii.

Q: #5

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A: Solow model is an exogeneous hrowth model which means that in Solow model only the growth in short…

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Q: #8

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A: Given,  D = 500 – 5p = q5p=500-qp=500-q5 FC = $1000 per month Variable cost (VC)  = $20 per month

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A:

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A: Devaluation is the process through which a currency loses value when measured against other…

Q: 65

A: Unemployment rate represents the percentage of the total labor force that is unemployed but are…

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A: An increase in taxes decreases disposable income and aggregate demand and a decrease in taxes…

Q: Describe three different kinds of economic systems.

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Q: Choose all answers that are correct:  the marginal cost is the slope of the... a. The variable cost…

A: Marginal cost = Change in total cost / Change in quantity of output

Q: 9. Gasoline prices plummet to less than $1.00/gallon. How will gas purchases probably be affected?

A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: Suppose total National Savings, St, is St= sYt - hKt. The extra term -hK, reflects the idea that…

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Q: If inflation rises from 10 to 14 percent, explain what happens to real and nominal interest rates…

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Q: Investment Capital consumption allowance (depreciation) Exports Imports Government purchases…

A: National Income : the total income from current output of a nation, which includes interest, rental…